Pfizer on Tuesday reported first-quarter revenue and adjusted earnings that topped Wall Street’s expectations, despite a decline in sales driven by the lower demand for the company’s Covid vaccine.

Pfizer’s stock edged higher in premarket trading Tuesday. Shares are down more than 23% for the year through Monday’s close, putting the company’s market value at around $221.3 billion. 

Here’s what Pfizer reported compared with Wall Street’s expectations, based on a survey of analysts by Refinitiv:

• Earnings per share: $1.23 adjusted, vs. 98 cents expected 
• Revenue: $18.28 billion, vs. $16.59 billion expected

The company posted net income of $5.54 billion, or 97 cents per share. That compares with $7.86 billion, or $1.37 per share, for the same period a year ago.

The pharmaceutical giant reported first-quarter sales of $18.28 billion, down 29% over the same period a year ago.

Sales of the company’s Covid vaccine declined $10 billion, or 75% compared with the same quarter last year. Pfizer said this was primarily driven by lower contracted deliveries and demand in international markets.

The decline was also due to lower U.S. government contracted deliveries as the country prepares to shift Covid products to the commercial market later this year, according to Pfizer.

The New York-based company maintained its 2023 sales forecast of $67 billion to $71 billion. Pfizer also reiterated its full-year adjusted earnings outlook of $3.25 to $3.45 per share.

But Pfizer continues to expect Covid-related sales to decline this year. The company reaffirmed its forecast of $13.5 billion in Covid vaccine sales in 2023 and $8 billion in revenue for Paxlovid.

Excluding Covid products, Pfizer said it expects 7% to 9% revenue growth this year.

Pfizer will hold an earnings call at 10:00 a.m. ET.

Read the earnings release.

This is a developing story. Check back for updates.